BITSTAMP:BTCUSD   Bitcoin / Dolar
After reaching ATH             almost at 5000 USD and at FIB 4.764 (when measured 1 = 1150 and 0 = 150 from the last 2013 bubble and retracement), Bitcoin             is currently within a downtrend channel facing 4 strong resistances. Hard to break them but if we look to the details of the other patterns, it's interesting how dissimilar they are. BTCUSD             is currently within a small bear flag . At the same time, this bear flag is within a pennant , which could possibly be bullish . My guess is, if BTC             breaks down the bear flag and bounces of the lower support of the triangle, it might gain some momentum and break the four resistance levels it has been dealing with inside of that channel since ATH             . If this happens, we could see BTC             going first to 4400 and then attempting to go again to ATH             .

Nevertheless, BTC             is also within a wider and longer rising channel that got its shape since the first trimester of the current year. If this channel breaks down (as usually rising channels do), expect a massive dump. There is also a possibility that BTC             will bounce on the lower support level of this channel and then attempt to reach ATH             , although I find it less likely. Not totally diminishing it though.


pls publish more charts
+1 Balas
Have you seen the daily macd? It's touching and about to cross up. That means nothing?
Balas
CoinMajesty AmazinRaisin
@AmazinRaisin, It does mean something but I didn't post it cause I wanted to focused in price action and patterns, not indicators.

Balas
AmazinRaisin CoinMajesty
@CoinMajesty, The MACD just crossed on the daily. I wonder whats going to happen. So your thinking the pattern is stronger than MACD
Balas
very clean and good analysis. keep publishing. :) which way are you thinking superior? bulls or bears. i think we are still in bearish market conditions, and its bear flag then :)
Balas
Thanks for this chart and your comments, hoop you had a good holiday.
Balas
@tvpolo, thanks :) although I haven't had any holidays lol
Balas
i can not believe that people are still bullish when CHINA do not confirm nothing about exchange banning, and mining prohibiting. October 1 is near, so i can not be more bearish as i am now. My order book :

Buy 1600.00000000
Buy 1650.00000000
Buy 1700.00000000
Buy 1800.00000000
Buy 1900.00000000
Buy 2000.00000000
Buy 2100.00000000
Buy 2200.00000000
Buy 2300.00000000
Buy 2400.00000000
Buy 2500.00000000

I prefer to miss a train than to drown with titanic.
+4 Balas
@exkuji, Exactly my thought, good spirit !
Balas
Thx. That's another possible view of the situation. Let's see how it develops in the market. we can all be excited. :-)

Balas
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